Central Bank of Nigeria (CBN) Guideline on Chinese Yuan-Naira Currency Swap – First Bank

Central Bank of Nigeria (CBN) Guideline on Chinese Yuan-Naira Currency Swap – First Bank

This is the Central Bank of Nigeria (CBN) guideline on the Chinese Yuan-Naira currency swap, courtesy of First Bank of Nigeria.

Disintermediation does not only apply in the technology world where producers cut-off middlemen or intermediaries to reach consumers directly. What is happening in the Chinese currency swap is the disintermediation of the U.S dollars. The $2.5 billion currency swap deal will open opportunities, hopefully, for manufacturers in Nigeria. If you want to buy something from China, you do not need to look for U.S. dollars. If you have your Naira, the government will make it possible for you to pay directly in Yuan

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